TOP 3 FOREX TRADING ENTRIES (Simple & Profitable Patterns)
Published: 2019-07-10
Status:
Available
|
Analyzed
Published: 2019-07-10
Status:
Available
|
Analyzed
Predictions from this Video
Incorrect: 0
Prediction
Topic
Status
The 'proof equals profit' concept, learned nine years prior to the video's publication, was a significant turning point for the speaker's trading and life.
"This proof equals profit concept that I read about somewhere around nine years ago completely changed my trading completely changed my life..."
Pending
The speaker is hosting a free event next week to share knowledge gained from a key article and nine years of trading experience.
"I'm holding a free event next week called Proof equals Profit. In this event I'm gonna go over everything I learned from that article along with some of the things I've learned over the past nine years of my own trading career..."
Pending
The speaker aims to help attendees avoid significant financial losses in trading and recover past losses, similar to their own experience.
"I'm doing this in hopes that it will one keep you from making the same mistakes I did where I lost a majority of my savings and two if you've already lost money it'll help you recoup some of those lost savings the same way it helped me recoup mine..."
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Shooting star and hammer candlesticks are identified as the first of three key entry reasons for forex trading.
"The first one we are going to talk about and you were gonna be very surprised at how simple these are the first one we're talking about is the shooting star and/or hammer candlestick they are essentially the same thing just in different directions..."
Pending
Successful trading requires specific, validated rules for entry patterns, tested through historical data, rather than just recognizing the patterns themselves.
"what you need to know is that I have very specific rules for these patterns and you can create your own rules for these patterns as well and what is the point of these rules to validate to prove the concept through historical data..."
Pending
Specific rules for hammer candlesticks can be defined, such as the wick being 2-3 times the body size, which then need to be validated with historical data.
"so for a hammer candlestick you could say I need a wick that is 2 or depending on what you want to do 3 X the body of this candlestick and I need a small top wick that gives you actual rules to use so you can validate it through historical data..."
Pending
For shooting star candles, a rule can be set where the wick is at least two to three times the size of the candle's body.
"and in the same thing here we could say that we need a body or excuse me a wick that is at least two to three times the size of the body of the shooting-star candle..."
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Validating trading patterns involves reviewing historical data to confirm if specific candles (shooting star, hammer) led to expected market movements (down, up, respectively).
"this validation process of this your proof-of-concept is going through historical data and looking at every time a shooting star candle happened did the market drop after that and every time a hammer candle happened did the market rise after that hammer candle..."
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The engulfing candle is identified as the second favored entry reason for forex trading.
"and our second entry that we're going to look at is the engulfing candle the engulfing candle is one my favorite ways to enter a trade..."
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Rules for engulfing candles are crucial, requiring a candle that completely engulfs the prior one.
"so in this case our green bar would be an engulfing candle based on my rules so what you want to do is have again rule set in place for engulfing candles for engulfing candles but you normally want to see is a candle that completely engulfs the previous candle..."
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A rule for bullish engulfing candles in forex is that the current candle must have a larger body than the previous one.
"so the previous closes there so what I need is a bigger body than my previous candle..."
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Combining validated patterns ('proof equals profit') with other factors is key to gaining a market advantage.
"remember proof equals profit I know that I have an advantage over the market once I combine all of those together..."
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Traders can increase accuracy by testing variations of patterns, such as engulfing candles that occur after a doji pattern, adding it as a condition.
"you could go through and test regular engulfing candles every time they happen and then after gathering that data of the wins and losses based on that you could go through and test every engulfing pattern that happens after a doji pattern that's adding another condition that may add accuracy to that engulfing pattern..."
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Double tops and double bottoms are identified as the third key price action formation and entry reason in forex trading.
"...a very well known price action formation we're going to talk about right now that price action formation is double tops and double bottoms..."
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Even simple trading entries can offer a significant market edge when combined with proper stops, targets, risk management, and discipline.
"and combined with the correct stops and targets and combined with the correct risk management and discipline even the simplest entries can provide a massive edge over the market..."
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The speaker uses simple rules for double tops and bottoms, but also employs variations of these patterns.
"I have very simple rules for these that I will share with you right now again these are the most simple form of these patterns I have variations of these patterns that I use..."
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A rule for double bottoms involves the wick touching the bottom of the candle's body without closing below it.
"in this case of double bottoms I look for my first bottom I look at the bottom of the body and the bottom of the wick what I need to see is at least a wick touch the bottom of the butter be at the bottom of the body of this candle and not close below the body at the bottom of this wick..."
Pending
A specific Dollar/Yen trade, previously identified in a pro trader report, is used as an example for double top analysis.
"in the case of the dollar yen trade that we just looked at let's bring this over the dollar yen trade that we have our pro trader report pointing out the zone of last week..."
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In a double top scenario, the market hit the previous top's wick but did not close above it, indicating a potential trading opportunity.
"what we got was a push up to this initial top we didn't get a pullback a push up again and what we see after this push up again is did we hit the bodies of this top with a wick yes we did did we close above the top of this wick no we did not..."
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The speaker placed a trade based on the double top formation and existing conditions, resulting in a significant win with a portion of the position still open.
"considering the conditions I had already created I actually placed a trade based on this and ended up having a pretty big win still in the second part of that position right now..."
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Traders can enhance the accuracy of the three presented entry reasons by creating variations and integrating them with existing conditions, trend structure, and indicators.
"you can make variations of in order to increase the accuracy of these three entries you can add them to the conditions you already have or now you have a way of knowing how to create conditions with trend structure and indicators..."
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Successful forex trading careers are built by combining entry strategies with robust risk management and discipline.
"combining these entries with those and again with a great risk management plan and good discipline will help you to create the successful trading career you have dreamt of..."
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Registration is open for the 'Proof equals Profit' event next week, with limited spots available.
"if you're interested in the proof equals profit lesson the proof equals profit event that we're doing next week make sure to click the link in the description labeled proof equals profit and sign up for that event spots will be limited so hurry over and do that..."
Pending
Paid content, including the Pro Trader Report and EAP training program, is available for those seeking to learn the speaker's exact entry reasons, conditions, and strategies, with opportunities for personal mentorship.
"if you're interested in checking out any of our paid content to get a grasp on the exact entry reasons that I use along with the exact conditions I use and strategies to get personally mentored by me then there is links in the description for the pro trader report and the EAP training program check those out if you would like to..."
Pending